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HomeBTCFTX ventures all set to acquire 30% stake in SkyBridge Capital

FTX ventures all set to acquire 30% stake in SkyBridge Capital

Anthony Scaramucci, an American entrepreneur and founder of SkyBridge Capital on September 9 announced via tweet that FTX Ventures, a branch of Sam Bankman Fried’s digital currency exchange, will acquire a 30% stake in SkyBridge Capital.

As per the statement, the details of the agreement have not been revealed yet, but 40% of the funds would be utilised by the firm in buying digital currency, to hold for as a long-term investment.

Anthony Scaramucci, founder and managing director of SkyBridge said about the agreement on Twitter, “There is a little universe of outside investors SkyBridge could at any point consider collaborating with, and @SBF_FTX is one of them.” 

He independently added, “This will not significantly influence our everyday business and doesn’t change our strategy. We would stay a diversified asset firm while investing vigorously in the blockchain.” As per its site, as of June 30, SkyBridge managed almost $2.5 billion, incorporating more than $800 million in digital assets. 

Both organisations have collaborated for the last year on Crypto Bahamas events and SALT (SkyBridge Alternatives) conferences.

Sam Bankman-Fried said to CNBC, “We have gotten to know the crew over the past year. We have been really delighted for what they have been doing from the investment angle, developing out the community – the digital asset community and the conventional asset community – uniting them together.”

In 2020 SkyBridge Capital had started doing investment in BTC (Bitcoin) and since then Scaramucci turned into a vocal promoter of cryptocurrency. Despite declaring the suspension of withdrawals in July from its crypto-uncovered Legion Strategies reserve, the firm remained unaffected by the dropdown in the crypto market. 

Since the crypto winter started, Sam Bankman Fried has rushed into the procurement activity. In May, Sam bought a 7.6% stake in Robinhood, an online brokerage firm. Moreover, in July, FTX broadened a $400 million spinning credit to BlockFi and also proposed to purchase out a portion of the debt of bankrupt Voyager Digital.It has also made advancements in conventional finance.

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